June 24, 2024

Wallace eyes September occupancy for 157 Green Lake units

Photo via Rafn Co. [enlarge]

Construction is close to wrapping at The Teel in Green Lake.

Wallace Properties is aiming to open 157 units at 420 N.E. 72nd St. in Green Lake this September. Construction looks close to wrapping at the project, which is now going by The Teel (it previously went by Green Lake North Apartments).

The Teel is a mixed-use apartment and retail project with 17,600 square feet of retail, in addition to the apartment homes. Wallace says the retail space is leased to Swedish Health Services.

The building comprises five residential levels atop a two-level retail podium with a brick facade.

Total project size is approximately 200,000 square feet. That includes an underground parking garage with around 150 spaces.

Photo by Brian Miller [enlarge]

Rafn Co. in March was finishing exterior work at the building’s podium level.

Rafn Co. topped out the building in October and has since completed exterior work on the residential levels. The contractor this spring was working on the podium's exterior.

CollinsWoerman designed The Teel. Thrive will manage the building and says pre-leasing should start this month. Rent prices are not currently available on the leasing website. Some of the units (20%) will be rent restricted and affordable to renters earning 80% of area median income.

The project is located about a block from Green Lake on land that was formerly part of the Vitamilk dairy complex. The site was previously developed with some small commercial properties that have since been demolished. Vitamilk closed in 2003.

The land is owned by two families that owned Vitamilk. Wallace Properties is developing The Teel for the landowners.

When it opens, the building will mark the completion of a three-phase and three-building redevelopment of the former Vitamilk site.

The first phase of the redevelopment was another mixed-use apartment building, with 297 units and a ground-level PCC, called Green Lake Village. That building opened in 2014 and was developed for the landowners by Lorig Associates.

The 130-unit The Eddy apartment building comprised the second phase. The Eddy opened in 2018. Wallace Properties was the developer for this phase, which Rafn Co. built.

The project team for The Teel also includes Brumbaugh & Assoc., landscape architect; KPFF, civil engineer; Geotech Consultants; and Quantum Consulting, structural engineer.

The building has been designed to meet Green Globes Multifamily sustainability standards.